Supply Ministry to set regulations to keep rice prices from soaring too high in upcoming season

The Supply Ministry will be setting strict regulations to keep the price of rice from soaring too high during the upcoming marketing season, sources with knowledge of the matter tell Al Shorouk. The remarks come in response to a statement on Tuesday saying that rice prices will be liberalized and left up to market forces next season. The Supply Ministry will be calculating the costs of production and agreeing on a fair profit margin range for businesses. The ministry will also be setting an adequate price to purchase rice from farmers that factors in all the costs entailed. Minister Ali El Moselhy had said that Egypt plans to double its rice production this year to 6.5 mn tonnes.